(MENAFN- PR Newswire) MISSISSAUGA, ON, Sept. 25, 2023 /PRNewswire/ - Cymat Technologies Ltd. (TSXV: CYM) (OTCQB: CYMHF ) (the " Company " or " Cymat "). Today Cymat announced that it is seeking to raise funds from a non-brokered private placement of equity Units (the " Offering ").
Each Unit will be priced at $0.25 with one Unit consisting of one (1) Common Share and one half (1/2) of a Common Share purchase Warrant. Each full Warrant will entitle the holder to purchase one Common Share at a price of $0.40 for a twenty-four (24) month period following the closing date of the financing. Gross proceeds in the range of $1 Million are anticipated from the Offering.
The Company plans to use the proceeds in support of business development initiatives described in recent press releases. This includes the marketing of its SmartMetalTM composite solution for the underside impact protection of electric vehicle battery enclosures which has recently been validated through dynamic physical testing performed at the National Institute for Aviation Research in Wichita, Kansas. Proceeds from the Offering will also be used to upgrade Cymat's testing facilities in support of SmartMetalTM production for the nuclear industry and for general corporate purposes.
Michael Liik, Cymat's CEO and Chairman stated, "We are currently at a critical stage of development with several of our key SmartMetal initiatives. A stronger balance sheet will greatly enhance our negotiating position with OEM customers as we move toward negotiating serial production contracts."
The terms of this Offering are subject to approval from the TSX Venture Exchange. Cymat will issue a further update regarding the results of the Offering upon its closure. About Cymat Technologies Ltd.
Cymat Technologies Ltd. has the global rights, through patents and established know-how, to manufacture and sell Stabilized Aluminum Foam ("SAF"), a unique, ultra-light, cellular metallic material. The proprietary production process entails the injection of gases through a molten bath of alloyed aluminum infused with ceramic particles. The result is an advanced, lightweight, recyclable material that exhibits unique characteristics including customizable density and dimensions; mechanical energy absorption; thermal and acoustic insulation; and time, temperature, and strain-rate insensitivity. A key benefit of this continuous foam production process is its scalability and resultant low cost of production. SAF is used in such industries as architectural design, military and automotive. Cymat markets its architectural SAF under the AlusionTM brand and its automotive and military SAF under the SmartMetalTM brand. For further information, please visit our website at .
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at . Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE Cymat Technologies Ltd.
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